Fast rising land costs have restricted profits growth at housebuilder Prowting. The Uxbridge-based company, which builds across the south of England, today reported pre-tax profits for the year to February of £7.7m, a rise of £1.7m on last year’s figure.
Prowting built 1,340 homes over the year and owns enough land for 5,150 more. But the average cost of acquiring new plots rose to £16,350 from £12,400. A lower interest bill on debt gearing down from 45% to 33% helped boost pre-tax profits.
EGi News 12/05/97
